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Moody's may cut Stanadyne
Moody's Investors Service said it placed under review for possible downgrade Stanadyne Holdings, Inc.'s Caa1 corporate family rating, Caa1 probability of default rating and Caa3 (LGD 5, 88%) rating on its $100 million of 12% unguaranteed senior discount notes due 2015. The speculative grade liquidity rating is unchanged and will be revisited at the conclusion of the review.
The agency also said it withdrew the B1 ratings of Stanadyne Corp.'s $65 million senior secured term loan due 2010, and the Caa1 (LGD 4, 51%) rating on its $160 million senior subordinated notes due 2014 also are under review for possible downgrade.
The review was prompted by Stanadyne's inability to file audited financial statements in accordance with the terms of its notes indentures, Moody's said.
The agency also said it will consider prospects for improved performance as a result of ongoing restructuring activities and modestly positive momentum in primary end markets.
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